LV offers car insurance refunds of up to £50 – but only to those hit hardest by coronavirus
Insurer LV is giving its customers with car and motorbike policies the chance to claim a refund of between £20 and £50. But unlike Admiral's recent flat-rate refund to customers, you'll only be eligible for money back from LV if you've been financially affected by coronavirus in specific ways.
The firm says it's making £30 million available for refunds due to the reduced number of claims it expects to have to pay out during the lockdown. It says you'll be eligible for a refund if:
- You've been made unemployed at any point since 1 March 2020.
- You've been furloughed but haven't yet received money through the Coronavirus Job Retention Scheme.
- You're self-employed and unable to work or trade because of coronavirus, and haven't yet received money via the Self-employment Income Support Scheme.
LV's announcement comes after car and van insurance policyholders with Admiral – and those of its other brands Bell, Diamond and Elephant – were told last week they would all get a £25 flat-rate refund, a move estimated to cost the company £110 million in total.
I think I'm eligible – how do I get the cash?
LV says you can call it on 0800 085 5608 to request the refund. However, it says customers should check if they meet the above criteria first before calling, as its phone lines are currently very busy.
Even if you're not eligible for a refund because of your financial situation, it says you can temporarily change the cover you have – such as by reducing mileage or changing the cover to fire and theft if you don't intend to use your car at this time – to reduce your premium. You can also do this by ringing LV.
It says it is not charging administration or cancellation fees, and is waiving excesses on claims for those suffering financial hardship, as well as offering free enhancements to cover for customers who are NHS staff or other key workers.
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